Miami real estate is a tale of two markets — high-end condo sales lead the way
Miami’s luxury condo market had another hot month in August, continuing a trend that finds fancy homes attracting big spenders, according to new data from the Miami Association of Realtors.
In addition to the high-end living demand — with the number of sales transactions of $5 million-and-up units jumping nearly 12% over last year — the median price of affordable older condos, considered 30 years and up, also remains strong, despite a $10,000 dip in value compared to a year ago.
“Miami older condos represent affordability and opportunity,” Miami Association Chairman Eddie Blanco said in a statement, noting that most of these units are in prime, built-out, locations like Kendall, Kendall Lakes and Hialeah, with future potential for first-time buyers.
Broward’s hot condo markets included Miramar, Plantation and Davie, according to the real estate agents.
![[ South Florida Condo Sales August 2025 ] (Table)](https://datawrapper.dwcdn.net/jSg2R/full.png)
The hottest markets for single-family homes? Miami Gardens, Kendall and Cutler Bay in Miami-Dade, and Sunrise, Pembroke Pines and Coconut Creek in Broward.
Those fortunate enough to have enough cash to drop on property, which includes wealthy international buyers, also fare well in South Florida. Some 36% of August closings were all-cash deals, nearly double the national average, the Realtors group reported.
Still, August’s figures were also in line with the group’s run of recent reports in 2025: a mixed bag. The broader market cooled on elevated mortgage rates and tight inventory in lower price points.
Total Miami home sales fell nearly 11% from August 2024 as high rates sidelined some would-be owners. Condo sales dropped 13% overall, pinched by scarce inventory at the most popular price points and a continued tight squeeze on FHA loan availability. Only 0.9% of South Florida condo buildings are FHA-approved.
“Florida is the only state in the U.S. that requires a client to put down 25% for a limited review if the condo building doesn’t have enough in reserves. The requirement for every other state is 10%,” the Miami Association of Realtors said in its report.
A new condo safety law reform went into effect on July 1 to give condo owners and associations a chance to exhale regarding the race to fund reserves. But it didn’t gut the core of Florida’s new condo safety regulations in the aftermath of the Surfside Champlain Towers South condo collapse tragedy that killed 98 people in June 2021.
That means condo associations must eventually make big-ticket repairs, and unit owners will have to pay for them.
MORE: Will Florida’s new condo law help ease affordability crisis? See changes
Here’s a breakdown of costs and sales in the South Florida housing market in August 2025 compared to the same period a year ago:
What is the median sale price of a condo?
Miami-Dade: $410,000 in August, up from $406,000 in July, but down from $415,000 a year ago.
Broward: $247,700 in August, down from $265,000 in July, and down from $272,500 a year ago.
What is the median sales price of a single-family house?
Miami-Dade County: $655,000 in August, down from $660,000 in July, but up from $640,000 a year ago.
Broward County: $625,000 in August, up from $620,000 in July, and up from $606,000 a year ago.
How much did prices change from a year ago?
Miami-Dade: Up 2.3% for houses, down 1.2% for condos.
Broward: Up 3.1% for houses, down 9.9% for condos.
How many single-family houses sold?
Miami-Dade: 885 in August, up from 861 sales in July, down from 964 a year ago.
Broward: 1,015 in August, down from 1,055 sales in July, and down from 1,161 a year ago.
What were total condo sales?
Miami-Dade: 903 in August, down from 921 sales in July, down from 1,038 a year ago.
Broward: 974 in August, down from 1,047 sales in July, down from 1,109 a year ago.
What is the housing inventory in South Florida?
Miami-Dade: 6.4 months of houses, up from 4.7 months a year ago; 14 months of condos, up from 10 months a year ago.
Broward: 5.7 months of houses, up from 4.5 months a year ago; 11.9 months of condos, up from 8.3 months a year ago.
Note: A balanced market consists of six to nine months of inventory, with anything below benefiting sellers and anything above benefiting buyers.
This story was originally published September 30, 2025 at 12:33 PM.
